Industry News

EIG Newsletter April 2018 - Essential Auction News

17 April 2018

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Welcome to the April Newsletter

Essential Auction News

Welcome to the April newsletter that looks back at auction activity in March and preceding periods. For the second successive month the industry has enjoyed considerable growth in terms of volumes, with overall lots offered up 11.5% to 3,088 lots and lots sold up 10.6% to 2,283 lots.

Our records show that this is the highest number of lots put under the hammer during March since 2008 (3,263 lots). A decade ago the economy was in the midst of a credit crunch and the auction market saw increasing numbers of repossessions and motivated vendors but fewer buyers; indeed, the sale rate was a lowly 62% compared to the far more sustainable 74% we see now.

Overall Statistics - March 2018

Auctions Held in the UK

116

Total Lots Sold

2,283

Percent Sold

73.9%

Total Realised

£416,486,724

National Auction Analysis

The recent gains have also had a positive impact on the quarterly and yearly results. Over 500 more lots were offered in Q1 2018 than in Q1 2017 - a gain of 7.2%, whilst the rolling yearly figures show a 1.2% increase over the last 12 months to 33,495 lots.

The residential sector has certainly been the main contributor to these gains. Residential lots offered and sold were both up over 12% in March, to 2,511 lots and 1,847 lots respectively, whilst residential receipts jumped almost 15% to £301M. This is the highest number of residential sales ever recorded in March, surpassing the previous high of 1,846 lots sold in March 2007.

All the major London commercial auctioneers held an auction during March, so it is pleasing to see volumes up on last year - lots offered by 6.7% to 577 lots and lots sold by 4.3% to 436 lots. The amount raised did contract slightly though; down 17% to £116M, suggesting an increase of smaller-sized lots going under the hammer.

A word from the editor:

As ever I would welcome any comments or feedback you may have regarding the newsletter or indeed the wider market in general.